The Board of Directors of Quincy Media, Inc. has announced its shareholders have approved the sale of the stock of the company for $925 million in cash to Gray Television, Inc. a public media company headquartered in Atlanta, Georgia.
The sale, which is subject to federal regulatory approvals, is expected to close in the 2nd or 3rd quarter of 2021.
The sale includes all of the company’s television and radio properties, which serve 16 markets. The sale does not include the Quincy Herald-Whig and Hannibal Courier Post newspapers, which are being sold separately.
Upon closing the transaction, Gray will own television stations serving 102 television markets that collectively reach 25.4% of U.S. television households. To facilitate prompt regulatory approvals, Gray will divest some of QMI’s stations in markets where Gray already owns a full power television station.
“This was a difficult decision for our Board of Directors and shareholders,” said Ralph M. Oakley, President/CEO of Quincy Media, Inc., and also a board member. “We have always put community service first and have served our viewers, listeners and readers with the best in news and public service. We have also taken a leadership role in trying to improve the economic development and quality of life in the places where we operate and, particularly, here in our hometown of Quincy.”
Quincy Newspapers, Inc. (renamed Quincy Media, Inc. in 2016) began operation in 1926, with the merger of the Quincy Herald and Quincy Whig-Journal. It brought together the Oakley and Lindsay families, both of whom began in the media business over 100 years ago. The two families own the majority of QMI and several family members are currently in ownership, serve on the company’s board or are employed by the company.
Through the transaction announced today, Gray will acquire the following television stations:
WPTA (ABC/NBC) and WISE (CW) in Fort Wayne, Indiana (DMA 104)
WEEK (NBC/ABC/CW) in Peoria, Illinois (DMA 118)
WREX (NBC/CW) in Rockford, Illinois (DMA 132)
KBJR (NBC/CBS) and KDLH (CW) in Duluth, Minnesota (DMA 136)
KTIV (NBC/CW) in Sioux City, Iowa (DMA 147)
KTTC (NBC/CW) in Rochester-Mason City, Minnesota-Iowa (DMA 156)
WBNG (CBS/CW) in Binghamton, New York (DMA 158)
WVVA (NBC/CW) in Bluefield-Beckley, West Virginia (DMA 162)
WGEM (NBC/FOX/CW) in Quincy, Illinois (DMA 172)
To facilitate prompt regulatory approvals, Gray has elected to divest Quincy’s high quality television stations in the following markets in which Gray also owns a full-power television station.
Tucson, Arizona (DMA 75)
Madison, Wisconsin (DMA 80)
Harrisburg, IL/Paducah, Kentucky/Cape Girardeau, Missouri (DMA 91)
Cedar Rapids, Iowa (DMA 92)
La Crosse-Eau Claire, Wisconsin (DMA 123)
Wausau-Stevens Point, Wisconsin (DMA 134)
“Quincy’s market leading television stations will become part of a similarly operated company with number-one television stations in 70 of its 102 markets. While the sale of QMI closes a chapter, it opens up a wonderful new one. Gray is a great company and has the same philosophy on serving the communities that we have had,” said Oakley.
In addition to the stations above, Gray will acquire WGEM AM/FM in Quincy, IL.